The European cold milling machine market size is poised to register at more than 4.5% CAGR through 2030 due to the increasing focus on smart city development and maintenance projects.
SELBYVILLE, Del. , Aug. 8, 2022 /PRNewswire/ -- The global cold milling machine market size is expected to record a valuation of USD 3 billion by 2030, according to the latest research study by Global Market Insights Inc. Increasing number of smart city projects across the globe, especially in Asia Pacific , will garner the industry trends.
Smart city development involves the deployment of several advanced construction technologies, which will increase the demand for cold milling machines. For instance, Morocco and China have recently signed a framework agreement to launch the Mohammed VI Tangier Tech City project that aims to create an integrated, intelligent, and sustainable industrial city. High product ownership costs may emerge as a major restraining factor, cites the study. Increasing focus on domestic manufacturing by administrative bodies may encourage players to eventually reduce product prices.
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The 2ft - 5ft milling width segment captured 45% of the cold milling machine market share in 2021. This growth is attributed to the high flexibility provided by machines designed in this milling width range.
The industry outlook from concrete pavement application will remain positive until 2030. Increasing number of commercial construction activities and rising government investments in infrastructure development in the emerging economies will accelerate concrete pavement segment growth across the cold milling machine market. For instance, the 2021 - 2022 Union Budget of India has retained focus on the government's commitment to expanding infrastructure development. In accordance, a budgetary outlay of a staggering USD 14.78 billion has been allotted for road transport & highway construction activities.
Crawler machines will depict considerable demand owing to their ability to eliminate asphalt & concrete surfaces effectively. These machines are also equipped with powerful engines, leading to their increasing adoption in major construction projects.
The Latin America cold milling machine market is anticipated to reach USD 200 million by 2030. Rising urbanization in the continent may be a major factor pushing regional growth. In addition, an growing number of refurbishment & new construction projects undertaken by the governments of Brazil , Argentina , and Mexico will boost the industry statistics across region.
Europe cold milling machine market is predicted to observe a 4.5% growth rate till 2030. The rising focus on smart city development and maintenance projects will majorly strengthen the market overview in Europe .
Key companies operating in the market are Wirtgen Group, Caterpillar, Inc., LiuGong Machinery Co., Ltd., Fayat Group, and Sakai Heavy Industries Ltd. These companies engage mainly in new product development and product range expansion strategies to retain their industry foothold.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Cold Milling Machine Market Insights
3.3 Russia and Ukraine war impact
3.4 Cold milling machine industry ecosystem analysis
3.5 Technology and innovation landscape
3.7.1.1.1 Proliferation of technologically advanced cold milling machinery
3.7.1.2 North America and Europe
3.7.1.2.1 Growing infrastructural expansion plans in various sectors
3.7.1.3.1 Rising smart city projects in the region
3.7.1.4.1 Increasing urbanization leading to a surge in construction activities
3.7.1.5.1 Growing investments in road construction projects for better transportation
3.7.2 Industry pitfalls & challenges
3.7.2.2 Limited availability of qualified and skilled equipment operators
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/cold-milling-machine-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware , U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Arun Hegde Corporate Sales, USA Global Market Insights Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: sales@gminsights.com
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